The Bank of Japan (BOJ), or the central bank of the country, kept its key interest rate unchanged at 0.3 percent, it announced on Friday.
The BOJ Policy Board voted unanimously after a two-day board meeting to keep the central bank's target rate for unsecured overnight call money stable. Last month it lowered the benchmark lending rate in the interbank market from 0.5 percent to the current level for the first rate cut in more than 7 years.
The Japanese economy "has been increasingly sluggish," the BOJ said in its statement.
BOJ's governor Masaaki Shirakawa is to hold a press conference later in the day.
Source:Xinhua
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